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Cumberland Pharmaceuticals(CPIX) - 2024 Q3 - Quarterly Results
CPIXCumberland Pharmaceuticals(CPIX)2024-11-07 22:09

Financial Performance - Cumberland Pharmaceuticals reported combined revenues of 9.1millionforQ32024,withyear−to−daterevenuestotaling9.1 million for Q3 2024, with year-to-date revenues totaling 27 million[1][17]. - The net loss for Q3 2024 was 1.5million,or1.5 million, or 0.11 per share, while adjusted loss was 0.26million,or0.26 million, or 0.02 per share[18]. - Total net revenues for the nine months ended September 30, 2024, were 27,432,376,adecreaseof9.327,432,376, a decrease of 9.3% compared to 30,199,441 for the same period in 2023[35]. - The company reported a net loss of 4,542,078fortheninemonthsendedSeptember30,2024,comparedtoanetlossof4,542,078 for the nine months ended September 30, 2024, compared to a net loss of 28,779 for the same period in 2023[36]. - For the three months ended September 2024, Cumberland reported a net loss attributable to common shareholders of 1,544,081,resultinginanearningspershareimpactof1,544,081, resulting in an earnings per share impact of (0.11), compared to a net loss of 1,049,298andanearningspershareimpactof1,049,298 and an earnings per share impact of (0.07) for the same period in 2023[37]. - For the year 2024, Cumberland reported a net loss attributable to common shareholders of 4,575,956,leadingtoanearningspershareimpactof4,575,956, leading to an earnings per share impact of (0.32), while in 2023, the net income was 15,086[38].−Adjustedearningsfortheyear2024were15,086[38]. - Adjusted earnings for the year 2024 were (720,032), with an adjusted diluted earnings per share of (0.05),comparedtoadjustedearningsof(0.05), compared to adjusted earnings of 4,249,082 and an adjusted diluted earnings per share of 0.29for2023[38].AssetsandLiabilities−Thecompanyhas0.29 for 2023[38]. Assets and Liabilities - The company has 76.7 million in total assets and 52.3millionintotalliabilitiesasofSeptember30,2024[19].−Cashandcashequivalentsdecreasedto52.3 million in total liabilities as of September 30, 2024[19]. - Cash and cash equivalents decreased to 17,464,754 as of September 30, 2024, from 18,321,624attheendof2023,representingadeclineof4.718,321,624 at the end of 2023, representing a decline of 4.7%[36]. - Total current assets were 35,236,406 as of September 30, 2024, slightly down from 35,714,410attheendof2023[33].−Totalliabilitiesdecreasedmarginallyto35,714,410 at the end of 2023[33]. - Total liabilities decreased marginally to 52,278,121 as of September 30, 2024, from 52,516,206attheendof2023[34].−Thecompany’saccumulateddeficitincreasedto52,516,206 at the end of 2023[34]. - The company’s accumulated deficit increased to (22,064,117) as of September 30, 2024, compared to (17,488,161)attheendof2023[34].ResearchandDevelopment−Anewreal−worldstudyinvolving150,000patientsshowedthatCaldolorisassociatedwithasignificantlyreducedincidenceofadversedrugreactionscomparedtoketorolac[3][4].−Thecompanyisadvancinganewtreatmentfordelirium,withpromisingoutcomesfromthePhaseIIMENDINGTrial[11].−Ifetrobanhasbeendosedinnearly1,400subjects,withthreePhaseIIclinicalprogramscurrentlyunderway[13].−CumberlandreceivedFDAOrphanDrugandRarePediatricDiseasedesignationsforitsDuchenneMuscularDystrophyproductcandidate[14][15].MarketingandSales−Kristalose′sperformanceimprovedinstateswithMedicaidcoverage,nowincludingVirginia,Louisiana,andMaine[5].−CumberlandlaunchednewpatientsupportinitiativesforSancuso,enhancingaccessforoncologypatients[7].−Thecompanyincurredsellingandmarketingexpensesof(17,488,161) at the end of 2023[34]. Research and Development - A new real-world study involving 150,000 patients showed that Caldolor is associated with a significantly reduced incidence of adverse drug reactions compared to ketorolac[3][4]. - The company is advancing a new treatment for delirium, with promising outcomes from the Phase II MENDING Trial[11]. - Ifetroban has been dosed in nearly 1,400 subjects, with three Phase II clinical programs currently underway[13]. - Cumberland received FDA Orphan Drug and Rare Pediatric Disease designations for its Duchenne Muscular Dystrophy product candidate[14][15]. Marketing and Sales - Kristalose's performance improved in states with Medicaid coverage, now including Virginia, Louisiana, and Maine[5]. - Cumberland launched new patient support initiatives for Sancuso, enhancing access for oncology patients[7]. - The company incurred selling and marketing expenses of 12,800,469 for the nine months ended September 30, 2024, down from 13,692,535inthesameperiodof2023[35].FinancialAdjustmentsandMeasures−Cumberland′smanagementemphasizestheimportanceofadjustedfinancialmeasuresastheyprovideinsightsintothecompany′soperatingperformancebyexcludingnon−coreitemssuchasdepreciation,amortization,andshare−basedcompensation[41].−Thecompanyutilizesnetoperatinglosscarryforwardstominimizeincometaxexpenses,whichisreflectedintheadjustedearningscalculations[41].−Adjustedearningsaredefinedasnetincome(loss)adjustedforincometaxes,depreciationandamortization,share−basedcompensation,interestincome,andinterestexpense[42].−Thecompanyencouragesinvestorstoreviewitsconsolidatedfinancialstatementsandpubliclyfiledreportsintheirentiretyforacomprehensiveunderstandingofitsfinancialperformance[40].OperatingLoss−OperatinglossfortheninemonthsendedSeptember30,2024,was13,692,535 in the same period of 2023[35]. Financial Adjustments and Measures - Cumberland's management emphasizes the importance of adjusted financial measures as they provide insights into the company's operating performance by excluding non-core items such as depreciation, amortization, and share-based compensation[41]. - The company utilizes net operating loss carryforwards to minimize income tax expenses, which is reflected in the adjusted earnings calculations[41]. - Adjusted earnings are defined as net income (loss) adjusted for income taxes, depreciation and amortization, share-based compensation, interest income, and interest expense[42]. - The company encourages investors to review its consolidated financial statements and publicly filed reports in their entirety for a comprehensive understanding of its financial performance[40]. Operating Loss - Operating loss for the nine months ended September 30, 2024, was (4,590,370), compared to (3,375,422)forthesameperiodin2023[35].−Researchanddevelopmentexpenseswere(3,375,422) for the same period in 2023[35]. - Research and development expenses were 3,523,535 for the nine months ended September 30, 2024, compared to 4,569,476forthesameperiodin2023,reflectingadecreaseof22.94,569,476 for the same period in 2023, reflecting a decrease of 22.9%[35]. - The company reported a basic and diluted loss per share of (0.32) for the nine months ended September 30, 2024[35]. - Adjusted earnings for the three months ended September 2024 were (264,936),withanadjusteddilutedearningspershareof(264,936), with an adjusted diluted earnings per share of (0.02), while for the same period in 2023, adjusted earnings were 260,146,resultinginanadjusteddilutedearningspershareof260,146, resulting in an adjusted diluted earnings per share of 0.02[37]. - The diluted weighted-average common shares outstanding for the three months ended September 2024 were 14,052,754, compared to 14,422,274 for the same period in 2023[37]. - The diluted weighted-average common shares outstanding for the year 2024 were 14,089,496, compared to 14,559,687 for 2023[38].